EU countries initiated a review of the price cap on Russian oil.

Six EU countries propose to lower prices on Russian oil

Six member states of the European Union from the Baltics and Northern Europe have submitted a request to the European Commission to lower prices on oil from the Russian Federation. The proposal will be considered by the G7 countries, said European Commission spokesman Olof Jyll.

Jyll confirmed that the letter has been received and it will be reviewed by the G7 group. 'The G7 group will analyze this proposal and decide how to proceed,' he said at a briefing in Brussels.

The European Commission representative commented on the initiative from Latvia, Lithuania, Estonia, Denmark, Finland, and Sweden, which was reported by European media.

Jyll noted that the countries that signed the letter believe there is an opportunity for such a step in the oil market.

The European Commission representative added that the European Commission is continuously reviewing its restrictions.